The emergence of information technology has led to the rise of plastic and smart cards which has given way to electronic cash, a cheap method for handling small payments. Virtual money ATM cards are also a form of electronic cash and the implementation of a regulatory structure has been suggested. Money supply being equal to demand has always been pivotal to the economy. Interestingly, the internet is becoming a more efficient channel for delivering financial services like internet banking where customers do not require special software. Banks can differentiate themselves by customizing their services and information for customers. With the rapid growth of ATMs, telephone banking and home bank accounts, banking transactions are increasingly being conducted electronically. Customers have additionally become more demanding in terms of specialised financial products designed specifically fo
...r them, and non-bank competitors have been better able to fulfill these needs. Unlike twenty years ago when banks held 34% of household financial assets, they hold only 20% today. Similarly, their share of business deposits has decreased from 42% seven years ago to 30%. Nonbank credit card providers have made significant inroads against banks and now own 25% market share, up from just 5% in 1986. Imagine a bank without any branches or tellers.The traditional image of a bank, with rows of desks and racks of brochures, is changing as banks move towards virtual banking. This allows customers to access bank products and services from anywhere via a computer screen, with no need for physical branches or automated teller machines. As virtual banking becomes more popular, traditional teller-staffed branches may decline. The trend towards electronic transactions is set to increase and customers wil
become more reliant on using ATMs or PCs. Bankers are using software programs, online services, and the Internet to allow customers to check balances, pay bills, transfer funds, purchase certificates of deposit, mutual funds, apply for loans electronically, and even use virtual money ATM cards as debit cards. These cards hold a value equal to the loaded amount and can increase or decrease in value with funds deposited or withdrawn.The Virtual money ATM card serves multiple purposes. It helps individuals monitor their expenses, eliminates the need for carrying cash, and allows travelers, teenagers, and students to carry money without having extra physical currency.
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